Seoul shares trim losses late Monday morning amid tech sell-off
Seoul shares trimmed earlier losses late Monday morning on retail buying, as hawkish comments from Federal Reserve Chair Kevin Warsh raised concerns over a possible interest rate hike next month. After opening 2.58 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) erased its losses, trading 133.62 points, or 1.96 percent, lower at 6,655.62 as of 11:20 a.m. Institutions and…
Seoul shares saw a rebound late Monday morning after initially slipping, thanks to retail investors' buying and hawkish remarks from Federal Reserve Chair Kevin Warsh. The Korea Composite Stock Price Index (KOSPI) reversed its 2.58% dip, closing 1.96% lower at 6,655.62 as of 11:20 a.m. Institutions and foreign investors collectively offloaded stocks worth $460 million and $474.72 million, while retail investors made a net purchase of $502.09 million.
Warsh, in his inaugural speech as Fed Chair, cautioned that inflation remains stubborn, opening the door for additional interest rate hikes at the upcoming Jackson Hole symposium. Heightened expectations of a U.S. rate hike and Middle East tensions due to fresh U.S. strikes in the Strait of Hormuz kept investors on edge. The Dow Jones Industrial Average fell 0.02% on Friday, and the tech-focused Nasdaq Composite dipped 0.52%.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
